Online Bookshop Booktopia (ASX:BKG) Gains More Than 20% At Its $43.1m IPO Debut

The Booktopia Group Limited (ASX:BKG) started trading on the ASX on 3 December 2020 and registered over 20% gains in the morning trading hours.

  • The Australian online bookstore was established in 2004.
  • It ships around 25,000 items per day.
  • The company has a turnover of $165 million a year.

The IPO raised $43.1 million at $2.30 per share. As the trading commenced at 11 AM AEDT, the shares of the firm rose more than 20% to $2.80 per share.

The book sector in Australia is a significant one as reportedly, Australians spent $2.5 billion on books in 2020 out of which 36% were bought online.

Meanwhile, the stock BKG was spotted trading at $2.60 per share at 2:32 PM AEDT.

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